Recent Figures Show New Home Sales and Prices Drop in Augusta
Posted on: Aug 08, 2014 11:08:20 AM
In the Augusta, GA market in May, new home closings fell year-over-year, and the percentage fall was steeper than April 2014, giving suggestion the market may be worsening. New home closings saw a drop of 58.3% from the year earlier to 43. In comparison, new home closings in the same month last year saw a 56.4% decline year-over-year in April.
A total of 940 new homes were sold during the 12 months that ended in May, down from 1,000 for the year that ended in April.
New home closings made up 6.0% of overall housing closings. This is a fall 14.0% of closings a year earlier. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.
Pricing and Mortgage Trends
The average price of newly sold homes fell 3.0% year-over-year in May to $215,305 per unit. This decline follows a move from $210,131 per unit to $209,231 from April 2013 to April 2014.
For newly sold homes, the average mortgage size saw a rise year-over-year in contrast to new home prices. In May 2014, the average mortgage size was $210,399, a 1.3% bump from a year earlier. It went from $198,056 to $199,171 from April 2013 to April 2014.